EarningsQ2 2026 Earnings Report
DE:41B Q2 2026 EPS Results
Actual EPS€1.08
Consensus EPS€1.12
Beat/MissMissed by -€0.04
One Year Ago EPS€1.07
DE:41B Q2 2026 Revenue Results
Actual Revenue€1.79B
Expected Revenue€1.79B
Beat/MissMissed by -€910.60K
YoY Revenue Growth+6.35%
Earnings Announcement Details
QuarterQ2 2026
Date03/24/2026
TimeBefore Open
Conference CallTuesday, March 24, 2026
DE:41B Upcoming Earnings
Bellway's next earnings date is estimated for October 13, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call balances a number of strong operational and financial positives — improving trading momentum, higher volumes, robust cash-generation targets, a resilient balance sheet, dividend increase and active buyback — against clear near-term headwinds: margin compression, build-safety obligations, elevated overheads from strategic investment and inflation/macro risks (notably the Middle East). Management emphasizes capital efficiency, WIP monetization and prudent guidance while remaining cautious about FY '27 risks. On balance, the positives around cash generation, liquidity, order book recovery and strategic investments outweigh the short-term challenges, but uncertainty remains and will be monitored.Company Guidance
Volume Growth in H1
Completed 4,702 homes in H1, representing a 2.7% increase in volume versus prior year; FY '26 volume guidance increased by 100–300 units to 9,300–9,500 homes.
Improved Trading and Order Book
Trading has picked up since the start of the calendar year with private sales rates rising to 0.66 in the first six weeks of Feb/Mar and a private weekly rate ~0.65 in recent weeks; order book reported as ~4,400 homes at H1 and subsequently over £1.5bn (~5,300 homes) as at 13 March.
Strong Cash Generation and Cash-Conversion Target
Operating profit converted to adjusted operating cash flow at 2x in H1; management targeting adjusted operating cash flow of £750–800m for FY '26 and expects operating cash flow to increase by £100–150m year-on-year.
Solid Balance Sheet and Capital Efficiency Progress
Period-end net debt modest at £72m; adjusted gearing including land creditors low at 10.3%; NAV per share rose to just over £30; WIP reduced by £39m to ~£2.3bn and land balance broadly stable at ~£2.5bn (down ~£38m).
Pricing and ASP
Average selling price (ASP) up 3.7% to just over £322,000 in H1; FY '26 ASP guidance around £325,000 driven by mix and geography.
Profit and Dividend
Underlying profit before tax slightly higher at £151m for the half; interim dividend increased by almost 10% to 23p per share.
Operational Investments and Delivery
Invested in strategic initiatives: new timber frame factory (Bellway Home Space) opened in January and already supplying 7 divisions; admin/strategic investment intended to be non-repeating and to support scale to 10,000 units.
Customer Satisfaction and Quality
Achieved 5-star HBF rating for the 10th consecutive year and HBF customer score of 4.38, the highest of any national listed housebuilder under the new scoring system.
Land Bank and Strategic Pipeline
Land bank remains ~94,000 plots (half owned/controlled, half strategic); ~80 strategic planning applications (~17,000 plots) in the system — strat pipeline has tripled in two years and should support margin recovery and outlet growth from FY '28.
Shareholder Returns
£150m buyback programme launched in October with ~£64m completed so far; company signalling flexible capital allocation and intention to return excess capital as cash generation improves.
DE:41B Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed